How Trump's China Tariffs May Cost You More Money

China's Commerce Ministry called the new wave of USA tariffs "totally unacceptable" and vowed to protect its core interests.

The government gave no details but the Commerce Ministry earlier threatened "comprehensive measures". Imposing taxes on another $200 billion worth of products will raise the costs of every-day goods for American families, farmers, ranchers, workers, and job creators.

The threat of additional tariffs on $200 billion worth of goods "would mean that around half of Chinese exports of goods to the US would face significant USA punitive tariff measures", Rajiv Biswas, Asia Pacific Chief Economist at IHS Markit, said in a note. The moves followed an initial raft of 25 percent tariffs announced Friday by the us on $34 billion in Chinese exports, which was reciprocated by China. "There is no justification for such action", he said in a statement.

Analysts say the Chinese government could target trade in services between the two countries, such as tourism and education, or seek to make life hard for big American companies operating in China.

But the string of announcements come at a time when there has been slowing foreign investment into China and more vociferous complaints about Beijing's market barriers and the difficulty of doing business in the world's second-largest economy.

The USTR will accept public comments and hold hearings August 20-23 before reaching a decision after August 31, according to a senior US official who briefed reporters on condition of anonymity.

The initial US tariff list focused on Chinese industrial products in an attempt to limit the impact on American consumers. The latest list hits items that US households buy, including electric lamps, apple juice and fish sticks. China has accused the United States of bullying and warned it could hit back, although the form of retaliation was not clear. China immediately retaliated with tariffs on its own list of $34 billion worth of American goods.

"There is still a good six or seven weeks before these (tariffs) take effect so it is not like we are going to see these tomorrow, but it is definitely the next step in a trade war", TD Securities global strategist James Rossiter said.

That prompted fears it might go beyond matching Washington's duty increases by disrupting operations for United States companies in China. Regulators can deny or cancel licenses or launch lengthy tax, environmental or anti-monopoly investigations.

And Beijing is still holding up at least one major takeover involving foreign companies - USA chipmaker Qualcomm Inc's deal to buy Netherlands-based NXP Semiconductors NV. All other major governments have approved the deal. "The negative impact of the trade friction has already appeared".

China's assistant commerce minister Li Chenggang said earlier on Wednesday that the latest proposed tariffs harms the World Trade Organisation (WTO) system and hurts globalisation.

"When exposing and criticizing American words and actions, be careful not to link it to Trump and instead to aim it at the USA government", a memo based on verbal instructions from government officials reads.

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